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Anne Nguyen Accountant

OFAC Scanning

Asked on May 9, 2013

We are currently in the process of changing core processors. They process our OFAC scanning for us, but it's not exactly user-friendly and their search parameters feel very outdated. Their file formats are very restrictive and they cannot automate the scanning of ACH files. Can anyone recommend someone who can automate or at least simplify OFAC scanning? (It's not just OFAC lists obviously...it's any watch list)

Answers

Stacy Cordier Managing Partner • September 19, 2012

We are considering having our vendors register with GRMS Risk Management to be precertified as compliant. The supplier has to pay the cost to register (>$200) annually, and we get to specify the documents that need to be maintained. They scan all global watch lists including OFAC and assist with the Foreign Corrupt Business Practices.

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